Commercial, Solar, Sourcing Renewables, Wind - December 11, 2018
Bank of America commits to long-term RECs
Bank of America will purchase renewable energy certificates (RECs) generated from the first commercial integrated solar-wind hybrid power generation project in the U.S., to be built in Minnesota. The purchase will cover the bank’s electricity usage in the state and will contribute to its 2020 environmental operations goal of purchasing 100% renewable electricity.
“Accelerating the path to a sustainable future starts with creative thinking and projects that can help drive more low-carbon energy solutions in our communities,” says Alex Liftman, global environmental executive at Bank of America, in a statement. “Through supporting innovative renewable energy projects like this one, we continue to enhance our commitment to reduce our operational impacts on the environment.”
The hybrid features 2.0MW of community-based renewable energy to provide low-cost, locally generated energy to the Lake Region Electric Cooperative of Pelican Rapids, Minn. Juhl Energy developed the project, with equipment to be supplied by GE Renewable Energy. 3Degrees facilitated the connection between Juhl Energy and Bank of America.
“This unique renewable energy project will provide a tremendous amount of value to the local community. The cost savings from purchasing the hybrid project’s energy will help provide rate stability, benefiting all of our co-op members,” stated Tim Thompson, CEO of Lake Region Electric Cooperative.
The statement explained, “The innovative project utilizes GE’s Wind Integrated Solar Energy (WiSE) technology platform – developed through GE’s Global Research Center – to directly integrate the solar panels through the wind turbine’s converter so both wind and solar share the same balance of plant, increasing system net capacity by 3-4 percent and annual energy production by up to 10 percent. The hybrid design gives these type of projects the ability to produce power when it is most needed, with the solar essentially providing summer peak energy, and the wind providing winter peak energy.”
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